Credit growth hits 11-year high driven by despite rising interest rates, personal loans demand strong
Driven by strong demand for personal loans, NBFC growth and liquidity crunch, credit offtake grew by 15 per cent yoy in India in March. With this, India witnessed the sharpest rise in borrowings in last eleven years
Riding on the back of robust demand for personal loans, NBFCs growth, and higher working capital requirements due to inflation, credit offtakes reached at a 11-year high in FY23. Also, as per CARE Edge report, the offtakes has overcome the Covid-induced lag Relative to deposit growth. Additionally, it has remained strong even amid the significant rise in interest rates, and global uncertainties related to geo-political, and supply chain issues.